Auction set to finalize sale

Monday

Oct 21, 2013 at 8:00 PM

By Don Reiddwreid@aol.comCOLDWATER — After a last-minute bid on 92 West Chicago St. continued the bidding war for the historic Standard Oil station, the Coldwater City Council voted to resolve the sale once and for all at its Oct. 28 meeting.At least that is the hope.Edward Jones financial advisor Tracey Kelley offered $50,000 to top the $47,000 offer made last month by James Gordon, CPA. Both already have downtown business locations.The council voted to hold an auction at 4 p.m. Oct. 28 at the municipal building — with a starting bid of $51,000 should anyone want to top Kelley.In August Orthotic Care — the current city tenant — topped an original bid of $40,000 by Gordon, who came back a month later at $47,000. An appraisal valued the property at $40,000.City Manager Jeff Budd said the bidders "are frustrated — not happy with the process. It's the worst case scenario (for the bidders) in each case."The city charter requires that any offer to purchase city real estate must sit on the table after acceptance for at least 30 days for other offers in order to prevent special dealings by the city.The city can reject a higher bid, but Mayor Tom Kramer said it would be hard if someone offered a much more substantial amount.In accepting Kelley’s bid the council made it clear the city will take the highest bid at the auction. The auction bid must also be held for 30 days.Councilman Chris Pierce stated, "Make it clear that will be the final bid."Kramer agreed."We will commit to the price at the auction," he said.The Downtown Development Authority made it clear it would prefer a retail business to go into the building. Community Services Director Keith Baker said the city cannot control what goes in the building if it meets zoning and other ordinances.There are deed restrictions, however, so the historic nature of the outside of the structure cannot be changed.The proceeds will go to the DDA for downtown improvements.